QuickBooks has appeared to be one of the best software solutions to store data and help businesses use it in the most productive way. While it records the transactions that occur along with the invoices created from time to time as well as the payment information saved in the deposit section of QuickBooks.
Deposit Information in QuickBooks
The deposit information stored in QuickBooks is crucial, especially when businesses receive payments into the Undeposited Funds account. In such a scenario, you can group payments based on specific criteria and deposit them as a single record in the respective accounts.
Why Delete Payment from Deposit in QuickBooks?
You might be thinking why there’s a need to delete payment from deposit in QuickBooks when it keeps the data so organized. Well, there are times when you create a sales receipt but when you check or review the information, you realize that the data you entered is incorrect.
This is the time when you will require deleting the payment from the deposit in QuickBooks.
Methods to Delete Payment from Deposit in QuickBooks
Method 1: Using Chart of Accounts
- Click on Lists option from the menu bar
- Choose Chart of Accounts
- Double-click the required account
- Then, double-click the deposit
- Select the deposit you want to delete
- Click the Edit tab from the menu
- Choose Delete Line
- Select Delete Deposit to remove the entire deposit
Method 2: Using Record Deposits
- On the QuickBooks homepage, select Record Deposits
- The Make Deposit window gets loaded
- Choose Cancel if Payments to Deposit opens
- Choose the Previous icon and navigate through the deposits to locate the required one
- Select the payment you wish to delete
- Click on Edit
- Choose Delete Line
- Select OK or Yes and confirm the removal of the payment
- Click Save & Close
- Close the Make deposit window
The Delete Deposit option is not there when I am Deleting Payment from a Deposit in QuickBooks using Chart of Accounts. Why so?
The Delete Deposit option will be available on the Edit toolbar only if the deposit is selected within the register. As an alternative, you can use the Delete Line option but that too only when there are multiple payments in one deposit.
Why Deleting Payment from Deposit in QuickBooks is required?
When you create a sales receipt and check or review the information, you might realize that the data you entered is incorrect. This is when you require deleting the payment from the deposit in QuickBooks.
What happens when a Deposit is Deleted in QuickBooks?
The payment gets reverted to being available for deposit again.